Diamondback will almost double production base in $26bn Endeavor deal

The $26 billion acquisition of Endeavor Energy by Diamondback Energy is the fifth multi-billion-dollar corporate merger already in the U.S. this year and takes U.S. upstream deal spending to over $45 billion, according to Evaluate Energy data.

Diamondback says the deal will almost double its Permian Basin production base to over 800,000 boe/d by 2025, as well as provide:

• A combined asset base of 838,000 net acres in the Permian Basin
• 6,100 pro forma locations with break evens at under $40 WTI
• Annual synergies of $550 million representing over $3.0 billion in NPV10 over the next decade

Last August, Diamondback had finalized the integration of assets acquired for a combined $3.1 billion in late 2022 and early 2023. “Going forward, it’s not important to win every deal,” said Diamondback CEO Travis Stice at the time. “It’s important to win deals that make us not just bigger but better.”

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